Wills, Testamentary Trust & EPOA


Wills, Testamentary Trust & EPOA

It's the conversation that nobody want to have, yet everybody must have.
What will happen to you, your loved ones and your assets if you become sick or die?

We don’t have answers to these questions but what we do know is that it is vital to ensure, while fit, competent and able that you safeguard your financial affairs by giving a spouse, relative or close associate your enduring power of attorney (EPOA).  This enables your EPOA to act on your behalf if you become sick, are quarantined for a long time or become incapable of managing your financial or health affairs.  In addition, your EPOA may be given the power to take your position as trustee of a self-managed super fund if your deed allows. Each State has its own EPOA legal requirements which we are fully aware of.

As accountants & financial advisors we are best placed to truly understand your personal and business structure to discuss with you your wishes, identify a tax efficient strategy for your estate planning, and ensure this is all correctly articulated to the lawyer so that your will truly reflects your intentions.

What is a Will? A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may be forced to spend additional time, money, and emotional energy to settle your affairs after you're gone.

What is an EPOA? An EPOA (Enduring Power of Attorney) is a legal document that lets you appoint someone to make decisions about personal or financial matters. This person is called an attorney. The power endures - or continues - if and when you are unable to make decisions. An individual may create an Enduring Power Of Attorney over one or more aspects of their lives including acting as a Replacement Trustee of a SMSF. It comes into effect when the individual either triggers it or loses their mental capacity.

What is a Testamentary Trust?  A testamentary trust is a trust that is created on the death of a person and is for the benefit of a specific set of beneficiaries. This provides more control over your estate, can provide family asset protection and potentially substantial tax savings. If you have young children, or even young adults, the testamentary trust will allow you to give people appropriate control if they are young or do not have good money managing skills.

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